Stay Informed on Crypto Scams!
Protect yourself from falling victim to crypto scams by staying informed about the latest tactics used by scammers. Educate yourself on secure cryptocurrency storage practices to safeguard your assets.
Scammer Converts Stolen WBTC to ETH 🕵️
The hacker swiftly converted the stolen WBTC into approximately 23,000 ETH to make siphoning easier through privacy protocols like Tornado Cash.
- The stolen funds remained dormant for six days.
- Blockchain investigation firm PeckShield observed the movements of the stolen funds on May 8.
- The scammer split the loot into multiple parts and distributed them across several crypto wallets.
A Decline in Crypto Hack Losses 📉
In April, the crypto industry experienced a significant downturn in combined losses from hacks and scams, recording the lowest amount since 2021.
- The lowest combined losses from crypto-related hacks and scams totaled approximately $25.7 million.
- Flash loan attacks caused $129,000 in losses, with the biggest incident resulting in $55,000 in damages.
- Exit scams accounted for $4.3 million in losses.
- The first quarter of this year witnessed $336 million lost to Web3 hackers and fraud, with a 23% decrease compared to the first quarter of 2023.
Hot Take: Protect Your Crypto Assets!
As the crypto market continues to evolve, it’s crucial to remain vigilant against emerging scams and tactics used by bad actors. By educating yourself on secure practices and staying informed on industry developments, you can protect your crypto assets from falling into the wrong hands.
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